1 month 18 On the same day, the National Healthcare Security Administration and the Ministry of Human Resources and Social Security officially issued the 'National Essential Medical Insurance, Work-related Injury Insurance, and Maternity Insurance Drug List'. (2022 year ) 》(hereinafter referred to as the National Medical Insurance Catalogue).   According to the official website information of the Medical Insurance Bureau, the total number of items in this catalogue adjustment is 147 A drug participated in on-site negotiations / bidirectional auction, ultimately 121 Negotiation / The bidding was successful, with an overall success rate of 82.3% , wherein 108 The price reduction of newly added drugs in this directory has reached 60.1% , remaining basically unchanged from last year. The new version of the medical insurance catalog will be released in 2023 year 3 month 1 Officially effective. Frost & Sullivan Frost & Sullivan Li Qian, Consulting Director for Healthcare in Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed   "Blue Whale Finance" interviewed to share insights on this healthcare insurance negotiation.       Blue Whale Finance   Q What are your views on this healthcare negotiation?   PD-1   Antitumor drugs remain one of the largest categories in medical insurance negotiations, with four domestic PD-1 This year, not only was the renewal successful, but new indications were also included. PD-1 The track still faces fierce competition in the future. Entering the medical insurance market to trade price for volume remains the main strategy for market competition. In addition to price wars, expanding indications has also become a key focus for market competition. Covering more patient populations is necessary to compete for more market share in the fierce competition. Rare disease medications exist 7 Rare disease medications have been included in medical insurance, not only adding to the list of rare diseases that were previously unavailable for coverage under the medical insurance program but also providing new medication options for diseases already covered by the insurance. Although in the past two years, rare disease drugs Has shown a high level of enthusiasm in the medical insurance negotiations, but is included in the rare disease list 121 There are many rare diseases for which there are still no inclusion in the medical insurance catalog, placing a heavy burden on patients and a long way to go before their medication costs can be reduced.   CAR-T   The Rikioleunse injection of WuXi AppTec's Juno Biologics is the only one included in the medical insurance negotiation. CAR-T Medicine, one million per injection CAR-T Medications to be covered by medical insurance need to meet the annual treatment cost criteria for medical insurance payment 30 Ten thousand standards, and CAR-T The preparation process of drugs is very complex, and from production to reinfusion, the cost is high. For enterprises, meeting the payment standards for medical insurance is also a huge pressure. COVID-19 medication Azvudine tablets and Qingfei Paidu Granules were included in the national medical insurance drug list after this negotiation, 3 month 31 After the temporary payment for daily medical insurance is made, reimbursement can still be obtained. After the optimization of epidemic prevention policies, the inclusion of COVID-19 treatment drugs in medical insurance with significant price reductions reflects the sincerity of enterprises and greatly alleviates the treatment burden on patients.   * This interview was published on Blue Whale Finance by Reporter Tu Jun. The original title was '    2022 The average annual medical insurance negotiation price has dropped by 60%, and the COVID-19 drug Azvudine has been reduced to 175 yuan / bottle 20 Negotiation for a major domestic innovative drug was successful    》(Click "Read the Original Article" at the end of the text to view the full report). Recommended Reading   1 Frost & Sullivan executive: 2023 The pharmaceutical industry returns warmly in 2023, with three major areas worthy of attention   2 Frost & Sullivan executive: The healthcare industry will emerge from the winter slump, vaccines are expected to become a potential growth area, and digital transformation will bring new growth drivers to enterprises. 3 Frost & Sullivan: Expectations 2023 In the New Year, more healthcare companies will choose to list on the Ruixin Stock Exchange GDR 4 Frost & Sullivan: Outlook for the Future CXO The market head effect will continue to be evident. 5 Frost & Sullivan: Innovative Pharmaceutical Companies Need to Develop Fundamental Independent Innovation and Commercialization Capabilities to Break Through

In recent years, traditional generic drug companies have seen a decline in performance under the impact of centralized procurement. At the same time, there has also been a significant transformation in the domestic innovation drug environment. Biotech The difficulty of financing has increased, and the industry has encountered a 'cold winter'. Whether the pharmaceutical industry still possesses the characteristics of a 'long uphill climb with thick snow', has become a hot topic of concern. 2022 In the context of a "cold winter" for new drug capital, how can pharmaceutical companies warm up and return to profitability? 2023 What tracks in the healthcare industry are worth paying attention to in 2023?     Frost & Sullivan Frost & Sullivan Mao Hua, Partner and Managing Director of Frost & Sullivan Greater China, was interviewed by "Dingxiangyuan". Insightful database BU Headquarters Interview with Wang Hui,    Relying on its years of experience and industry insights in growth consulting for pharmaceutical companies, we share the current development status and trends of the pharmaceutical industry. Fragrant Osmanthus Garden Insightful database   Wang Hui: Postponed recently 2022 The national medical insurance negotiation has conveyed positive signals, and there have also been signs of moderation in the centralized procurement of generic drugs, gradually reducing the impact on enterprises. Do you think this is a positive sign for the development of the pharmaceutical industry? What are your thoughts on this?   It is mainly divided into two levels.   At the first level, this is definitely a positive signal.   Previously, centralized procurement had definitely reached the 'heel', but now it may only reach the 'knee'. This could be a positive sign. National regulatory authorities have also realized that if prices are cut indiscriminately, it may indeed affect supply and also the enthusiasm of enterprises to bid, which is not conducive to the original intention of centralized procurement policy design.   The second level is that centralized procurement is a strategy for the operation of China's pharmaceutical industry at this stage, and it is a necessary phase.   Firstly, while the state maintains the 'pool' of medical insurance funds, it also needs to allow newer therapies with clinical value to enter. Therefore, in order for expensive cell and gene therapies to be included in medical insurance, there is no need to squeeze out the space for some products that have been relatively more sustainable. Secondly, for enterprises, products that sell well at high prices definitely do not need to enter centralized procurement. After all, enterprises do not want to see adjustments in their supply chain and organizational structure due to inclusion in centralized procurement, and they may not necessarily be able to increase profits. However, if a company continues to develop according to the previous model, it is indeed not conducive to the improvement of the internal R&D team. Therefore, something that is very routine or process-oriented is needed. It only requires product assurance and does not require the company to do much marketing or public relations. The main focus should be placed on innovation and R&D.   Therefore, centralized procurement is neutral and is a path and process within the normal evolution of policies.   Wang Hui: In recent years, traditional generic pharmaceutical companies have seen a decline in performance under the impact of centralized procurement. At the same time, there has also been a significant change in the domestic innovation drug environment. Biotech The difficulty of financing has increased, and the industry is facing a 'cold winter'. Do you think the pharmaceutical industry still possesses the characteristics of a 'long uphill slope and thick snow'? I still have a long-term positive outlook on biotechnology, or rather, the pharmaceutical and healthcare industries. First, traditional biological targeted drugs, small molecule targeted drugs, insulin, monoclonal antibodies, bispecific antibodies, and ADC Relatively speaking, it has solved the issue from 0 reach 1 Problems, for example, ADC In the field, companies such as Rongchang Biotech, Bai'ao Tai, and Lepu Biotech have already gone public.   Next, it definitely has to be more commercial-oriented, and ADC We are digging into more new targets, so we are more rigorous in our corporate valuation. Second, for early-stage projects, two have already been approved CAR-T Cell therapy companies have gone public, but gene therapy companies are still relatively small in scale and have not yet moved towards IPO listing The stage. So I think, 2023 year IPO listing The market is definitely better than 2020 The year has to be good, with such a large volume IPO listing Growth also takes some time.   Wang Hui: Any industry has its own life cycle, and the pharmaceutical industry is no exception. Currently, the investment and financing market for innovative drugs in China has gradually shifted from the fervor of early years towards rationality. What do you think about this? During this period, what characteristics do you believe pharmaceutical companies need to possess to survive the cold winter and return with warmth?   There are mainly four major aspects.   The first is to return to value.   Value can be explained in three ways: The first is clinical value, which refers to the product that a company produces having to satisfy clinical needs. Whether it's an improved new drug or generic medicine, the value of the product or service must be considered; the second is market value, regardless of whether you are Biotech , or still want to be Biopharma company One cannot expect to keep burning money on R&D indefinitely; products must be sold in the market to support the team, repay shareholders, and reflect market value. The third type is investment value, where investors hope to invest in future-oriented enterprises, whether it is for financial returns or to complement the industry.   Second is long-termism.   Some of the companies that went public earlier License in progress Some of the products that came in Fast follow-up Foreign access routes and targets result in a relatively shorter cycle. However, in the future, as the requirements for homogenization become more stringent and for innovation even higher, companies need to have long-term layout plans.   Third is prematurity.   This is in line with long-termism. Enterprises need to plan their products well, considering the sales model during Phase I or II clinical trials—whether they will sell directly or find partners such as Sinopharm, Shanghai Pharmaceutical, or other pharmaceutical companies for distribution; if their own sales channels are not viable, they need to negotiate with the introducer earlier. License expiration Enterprise development planning is recommended to be conducted once a year, as market conditions change every year.   Fourth, it is necessary to utilize a variety of resources to enable enterprises to survive in the capital environment.   For example CRO firm The company enters Biotech , Biotech I've also started doing it CRO company Business, including Cinda's own efforts CDMO Businesses are making full use of their resources to survive.   Wang Hui: As is well known, the market environment is constantly changing, and only by continuous innovation is there a fundamental way out for the development of consulting services. So, how does Frost & Sullivan achieve market foresight, keep up with changes in the economic environment, and meet the most urgent consulting needs of clients?   There are mainly two major points:   Firstly, we must adhere to the positioning that guided the establishment of Frost & Sullivan, which is to provide growth consulting services for businesses.    ,   Therefore, continuous self-learning and self-challenge are necessary to discover new technologies, new service models, and the latest trends in the industry.   Second, our Frost & Sullivan has split up the organizational structure.   The consulting department is separated and only responsible for serving the needs of clients. At the same time, the investment and financing team is also independent, tasked with keeping abreast of the latest trends, viewpoints, policies, companies, and developments in the industry, which are updated regularly.   Wang Hui: The sources of financial capital are unstable, especially in the current environment where the pharmaceutical industry faces a 'cold winter' for capital. It is difficult for financing enterprises and projects to match with suitable financial institutions. How does Frost & Sullivan address issues such as information asymmetry and lack of business trust between investors and financiers? What successful experiences can be shared? As an information service provider, our Frost & Sullivan must collect perspectives from customers, invested enterprises, and investment firms. We then use our Frost & Sullivan's investment and financing platform as a link to connect enterprises with investors and financiers. As a value judge and third party, our Frost & Sullivan can connect the needs of both parties and find a balanced point through comprehensive analysis.   Therefore, it is necessary to understand the customer's needs and the psychological expectations of investors.   Wang Hui: Frost & Sullivan reports are often cited in the prospectuses of healthcare listed companies and primary market research studies. Why does Frost & Sullivan have such a particular preference for the healthcare sector? Dingxiangyuan Insightful Database is a professional pharmaceutical data intelligence analysis platform focusing on the pharmaceutical industry. How do you evaluate the value of such platforms in helping the development of the pharmaceutical industry? What improvements do you expect them to make in the future?   First,   For our entire global company, the life sciences team accounts for a significant proportion of our business.   Secondly, enter 2010 After a year, China's healthcare industry has become a national strategy and is developing very rapidly, creating many opportunities. Therefore, we at Frost & Sullivan made early arrangements. Based on our previous analysis, the healthcare industry not only has development prospects now but also in the next decade. Therefore, we are long-term optimistic about China's life science industry. The current capital winter is just a necessary phase in the industrial development process. If it continues to advance at a rapid pace, there will be a large amount of bubbles, which is very unfavorable for the development of the entire industry. I think lilac garden Insightful The database is really well-built. From when we first started building the doctor community to now, To B , which is where the lilac garden is located Insightful The database undergoes many iterations and continuous updates, with the updated data being very timely and the interface very user-friendly. It truly meets Insightful , rather than a database In addition, industry education has also been carried out, aiming to establish more industrial connections based on databases.   Wang Hui: In the past two months, there has been a rebound and warming trend in the pharmaceutical sector, which had been adjusting for nearly a year and a half. What is your prediction? 2023 Which pharmaceutical sub-sectors are worth looking forward to in the coming year? Will Frost & Sullivan focus on these areas?   There are three aspects. First, traditional small molecule targeting, biologic macromolecule monoclonal antibodies, ADC We will continue to pay attention to dual antibodies, especially differentiated ones. For example, ADC What are the different targets? Bispecific antibodies do not necessarily require cancer indications; they can also be used for hemophilia and other conditions. Secondly, we will pay attention to new technologies, mainly focusing on cell therapy and gene therapy. The domestic market is still in its early stages, so we will continue to monitor more clinical trials and discover more innovative gene therapy companies. Third, service providers in the life science industry chain, including biological reagents and IVD Raw material provider, CRO company Companies, especially those focused on innovative therapies CRO firm Companies, such as those in cell and gene therapy CRO company Companies such as WuXi AppTec and Boryou Biotech. Additionally, there are areas like intelligent manufacturing, such as disposable bioreactors, which solve the problem of intelligent manufacturing in the process of enterprise bioprocess development. There are also digital marketing companies like Medlive and Yuanxin Technology, as well as internet healthcare and medical devices.   * This exclusive interview is published in "Lilac Garden Insightful Database", the original title was     Frost & Sullivan grooming: 2023 The pharmaceutical industry returns warmly in 2023, and here are the growth tracks to watch    (Click the title to view the full report).   Recommended Reading   1 Frost & Sullivan executive: The healthcare industry will emerge from the winter slump, vaccines are expected to become a potential growth area, and digital transformation will bring new growth drivers to enterprises. 2 Frost & Sullivan: Expectations 2023 In the New Year, more healthcare companies will choose to list on the Ruixin Stock Exchange GDR 3 Frost & Sullivan: Outlook for the Future CXO The market head effect will continue to be evident. 4 Frost & Sullivan: Innovative Pharmaceutical Companies Need to Develop Fundamental Independent Innovation and Commercialization Capabilities to Break Through 5 Frost & Sullivan: The overall price reduction in device centralized procurement has slowed down, and pricing tends to be more rational and scientific.

In recent years, among the many seasonal products, drifting across half the globe 20,000 Kilometers of Chilean cherries are considered top-notch, successfully occupying the Chinese dining table C Bit. What is the difference between cherries and plums? What is the market size of cherries? How much room for growth is there? Under what circumstances in the future could cherries become a cheap fruit like apples, bananas, and pears? Frost & Sullivan Frost & Sullivan Kang Jiaxing, a consulting analyst at Frost & Sullivan's Greater China region and referred to below as 'Frost & Sullivan', was interviewed by Titanium   The "Huanan Live Room" program, and   Originally, Bian Ning, General Manager of the Life Network Operation Center, and Zhou Zheyu, a senior import fruit buyer at Dingdong Grocery Shopping,   Discuss the above topics together. Titan Media Q From the perspectives of variety, quality, price, region, etc., recently 5 year -10 What are the changes in fruit consumption during the Spring Festival each year? From an industry research perspective, what are the reasons for these changes? Kangjiaxing Consulting Analyst, Greater China, Frost & Sullivan   Based on the fruit consumption data of the past five years, the changing trend shows characteristics such as an increasing diversity of fruit varieties, continuous improvement in fruit quality, and becoming more normalized importation. I believe there are mainly two reasons:   1 Consumption upgrade. China's rapid development over the past few years, along with a continuous trend of rising income, has driven people's consumption upgrade, leading to an increasing demand for high-quality fruits. Thanks to this trend, high-quality fruit categories are particularly favored by the market.   For example, the retail sales of durians 2019 Renminbi in [year] 210 RMB billion growth to 2021 Renminbi in [year] 524 Yuan, ranking first among imported fresh fruit categories in China, accounting for approximately 31.7% , with a compound annual growth rate of 57.7% It far exceeds the growth rate of other fruit categories. It is expected that in the next five years, durian, cherry, and mangosteen will still be among the top three fruits in terms of consumption growth rate among major fruit categories in China.   2 Imported fruits are imported. Compared to domestic fruits, imported fruits can provide better taste and higher quality without being limited by climate or season. The market scale of imported fruits in China, measured by retail value, has been 2017 year 727 RMB 10 billion, an increase of 2021 year 1,640 RMB 10 billion, with a compound annual growth rate of 22.5% The growth rate is relatively fast. In terms of origin, Southeast Asia and Chile in the Southern Hemisphere have become the main sources of fresh fruits imported by China due to their tropical climate, off-season nature in the Southern Hemisphere, and favorable tariffs. 2021 In [year], the retail sales of imported fruits from Southeast Asia alone accounted for approximately 63.2% . Q What is the market size of cherries? What is their market position among fruit categories? What is the future growth potential? Kangjiaxing Consulting Analyst, Greater China, Frost & Sullivan     1 Market scale:    just 2021 In terms of annual consumption, the annual consumption of cherries in our country is about 90 10,000 tons, while the market launch time of domestic cherries is mostly concentrated in 5 - 7 In certain months, other months rely solely on imports, resulting in imported cherries typically being the main source of cherries during China's Spring Festival season. According to public information, our country started as early as 2021 The annual import volume of cherries reached 31 Around [X] tons, of which imports from Chile accounted for about 30 10,000 tons, accounting for more than 90% Due to the acceleration of customs clearance speed domestically after the lifting of restrictions, coupled with significant price cuts for imported cherries this year, it is expected that the domestic sales volume of Chilean cherries this year will exceed expectations 35 10,000 tons.   2 Market position:   In the past three years, imported cherries have always ranked at the top tier of fruits during the Spring Festival season. According to customs data, as early as 2020 In [year], the import value of imported cherries in China accounted for 14.9% has become the second largest imported fruit in China. although 2022 The statistical figures for the year have not been released yet, but based on data released from Guangzhou Jiangnan Wholesale Market, the largest wholesale market for fruits and vegetables in the country, this year's imported cherries have already accounted for 20% As mentioned above, sales have been extremely brisk.   3 (Growth space:   2018 Year-end 2022 In the year, Chile's cherry exports 18.7 Ten thousand tons grew to 35.6 10,000 tons, with a compound growth rate of 17.46% But in fact, 2019 Year-end 2021 The year has already achieved a 19 Ten thousand tons to 35 Ten thousand tons multiplied by ten, of which for Chile itself, the proportion of exports to China has been increasing year by year, from 2020 It has stabilized at since 90% Above.   Due to the booming sales of cherries, both domestic and international production and imports have been increasing year by year, leading to a gradual decline in prices. Although China has become the world's largest consumer and importer of cherries, per capita consumption is still relatively low. In the future, as the price of cherries continues to decline, demand for cherries will gradually spread from the Spring Festival and become affordable fruits in people's daily lives. By then, annual consumption of cherries is expected to exceed a new level. Q Who is the target market for cherries? Kangjiaxing Consulting Analyst, Greater China, Frost & Sullivan   Based on online data, 1 ) Looking at the gender ratio, it is probably male 40% woman 60% Proportion; 2 ) By age group, 25 - 34 The proportion of young people aged is close to 50% . 3 From the perspective of prefecture-level cities, people from first- and second-tier cities account for nearly half. However, the proportion of young consumers in third- and fourth-tier cities is also increasing year by year, indicating huge future consumption potential. Based on offline conditions, offline consumers mainly purchase from vegetable and fruit markets' retail stores on a household basis, with a relatively scattered distribution. Q Even though 'cherries 4 The price has been halved annually, but many netizens say they can't afford it. Under what circumstances could cherries become an affordable fruit like apples, bananas, and pears in the future? Kangjiaxing Consulting Analyst, Greater China, Frost & Sullivan     1)  Consumer habits and psychology:    In recent years, the output of domestic cherries has been increasing continuously, while wholesale prices have also been falling. 2015 Year-end 2019 Annual average decline 8.2% However, due to the consumption habits of Chinese consumers, who prefer to consume off-season cherries during the Spring Festival, and the general belief that imported cherries have better quality and taste than domestic ones, there is often a shortage of imported cherries in winter in China, leading to high prices for imported cherries.   2 Technologies (off-season planting and storage):   Since domestic cherries in China are generally concentrated in 5 — 7 The market is launched in certain months, while the rest rely on imports, which is also why cherries remain at high prices. Breakthroughs in off-season planting and storage techniques have the potential to bring about new situations.

How do you view the impact of the three years of the pandemic on the industry? Will sectors such as nucleic acid testing, vaccines, and COVID-19 drugs gradually withdraw from the historical stage? Can the profitability of related pharmaceutical companies continue? How do you view 'the past 2022 Is the view that "the year is a cold winter for the industry"? What impact will the novel coronavirus have on the industry if it is treated as a "Class B, Level 2" disease? To sustain healthy development and emerge from the cold winter, what efforts are needed? In terms of medical insurance negotiations and volume-based procurement, has the price reduction trend become more moderate? Which tracks will still be affected by medical insurance negotiations or volume-based procurement? What suggestions are there for the transformation of domestic and foreign pharmaceutical companies? Frost & Sullivan Frost & Sullivan Mao Hua, Partner and Managing Director of Frost & Sullivan Greater China, was interviewed    "Blue Whale Finance"    Interview, joint discussion 2023 Annual development trends of the medical industry. Blue Whale Finance Q How do you view the impact of the three years of the pandemic on the industry? Will sectors related to anti-pandemic measures such as nucleic acid testing, vaccines, and COVID-19 drugs gradually withdraw from the historical stage? Can the profitability of related pharmaceutical companies continue? fattening Partner and Managing Director of Frost & Sullivan Greater China Region   The impact of the three-year COVID-19 pandemic on the healthcare industry has been tremendous. Market demand for medical protective products, disinfectants, nucleic acid testing kits, vaccines, and COVID-19 drugs has increased sharply. Relevant enterprises have expanded production capacity and increased investment in product research and development over these three years. However, with the recent optimization of national epidemic prevention policies, except for COVID-19 drugs, China's demand for related products and services has relatively decreased. After the recent peak of infections, the demand for COVID-19 drugs will gradually decline. In the future, after the COVID-19 pandemic is controlled and stabilized, market demand for epidemic prevention products, nucleic acid tests, vaccines, and other products will gradually decrease until the demand level is comparable to that of other infectious diseases such as influenza A and B. On the other hand, due to the enhanced public awareness of infectious disease prevention and the emergence of various new infectious diseases globally in recent years, nucleic acid testing and vaccines remain important means for detecting and preventing infectious diseases, and market demand will continue. After the peak infection period, the national demand for COVID-19 antigen test kits and other products will gradually decrease, and there are already many approved antigen test kits on the market, which may lead to a decline in revenue from this segment of COVID-19 test kits. Q past 2022 Some people believe it is a winter for the industry this year. What's your view? Has the industry already emerged from the winter? fattening Partner and Managing Director, Greater China, Frost & Sullivan   Just past 2022 In mid-year, multiple cities across the country implemented epidemic prevention and control measures such as lockdowns and social distancing. Cities came to a halt, factories shut down, and entry and exit became difficult. This has brought inconvenience to enterprises in carrying out various tasks, and there is an 'cold winter' period for all industries. However, as the country 2022 At the end of the year, continuous optimization of COVID-19 prevention and control measures was carried out, and entry-exit management conditions were relaxed. This is a favorable policy for all industries. 2023 In the year, industry development and exchanges will be greatly reduced due to the impact of the COVID-19 pandemic. China's economy will enter a stage of rapid recovery and development, and the industry will gradually emerge from the cold winter. Q The novel coronavirus has become a 'Category B, Managed at Level 2'. What impact do you think it will have on the industry? For the health industry to continue developing in a healthy manner and emerge from the winter slump, what efforts do you think are needed? fattening Partner and Managing Director, Greater China, Frost & Sullivan   The novel coronavirus will be classified as 'Category B with Level 2 Management,' marking that the state deems its harm to humans reduced in terms of institutional procedures and no longer requires strict management as a Class A infectious disease. China will gradually return to its normal economic and living state before the COVID-19 pandemic. For the healthcare industry, in the future, China's focus on the novel coronavirus will shift from epidemic prevention and control to disease treatment. There is still a significant demand for COVID-19 antigen testing and epidemic prevention items at this stage. For non-COVID-related medical sub-industries, their R&D cooperation or production expansion was limited by the pandemic in the previous three years. Now, with the optimization of epidemic prevention policies, industries have seized the opportunity to accelerate the deployment of R&D and production work. For industries such as nucleic acid testing and the R&D and production of epidemic prevention items, due to policy changes, market demand will rapidly shrink. Enterprises can use relevant technology platforms to expand product or disease areas, enrich their own R&D and production pipelines, accelerate the construction of core technical barriers, and expand the potential market space for products. Q Which tracks or technologies do you see as having the most potential in the future? fattening Partner and Managing Director of Frost & Sullivan Greater China Region   The future of vaccines will be an important and promising area. Firstly, due to the impact of the COVID-19 pandemic over the past three years, public awareness of vaccines has greatly improved. In the face of infectious diseases, the public's acceptance of vaccination is relatively high. Secondly, in recent years, the COVID-19 vaccine has promoted the improvement of China's vaccine review and approval system, and the construction of China's vaccine management system has also continued to enhance. In recent years, there have been advancements in pneumonia vaccines, HPV In areas such as vaccines and shingles, there have been some 'blockbuster' innovative vaccines worth billions of dollars, especially HPV As soon as the vaccine was launched in China, it experienced a 'rarity' situation where 'one dose is hard to come by'. Domestic vaccine manufacturers are also accelerating their related research and development efforts to seize the high-growth opportunities in the vaccine industry. In addition, in the post-pandemic era, there will be an increased focus on new cell and gene therapies. Their technologies and preparation processes are significantly different from traditional small molecule and large molecule drugs, offering unique therapeutic advantages for some complex and refractory diseases. National policies and capital enthusiasm are driving their rapid development, with expectations for more good technologies and products to enter the market. Q In terms of medical insurance negotiations and volume-based procurement, has the price reduction trend become more moderate in recent years? Will it have further impacts on the industry? Or rather, which tracks will still be affected by medical insurance negotiations or volume-based procurement? fattening Partner and Managing Director of Frost & Sullivan Greater China Region   1 month 5 Today, a new round of medical insurance negotiations officially commenced. This round of negotiations includes 343 The drug has officially passed the formal review. In recent years, there have been frequent reports of experts engaging in 'soul bargaining' during medical insurance negotiations and volume-based procurement. The trend of 'moderated price cuts' is influenced by various factors such as drug innovation costs, clinical value, and cost control needs. Ensuring that ordinary people can access high-quality and affordable medicines is an important task of the Chinese government. During this healthcare negotiation, key areas included COVID-19 drugs, high-value rare disease medications, and new anti-tumor drugs. Pharmaceutical negotiations and volume-based procurement are related to the pricing and sales of relevant products. Whether a company successfully negotiates healthcare deals or obtains volume-based procurement not only affects the company itself but also has a significant impact on the entire industry. Q Both domestic and foreign-funded pharmaceutical companies are undergoing transformation. Have you noticed any new trends? What suggestions do you have for the transformation of domestic and foreign-funded pharmaceutical companies? fattening Partner and Managing Director of Frost & Sullivan Greater China Region   Currently, digital transformation is a major trend in the transformation of pharmaceutical companies. The topic of the digital economy has been discussed for many years, and pharmaceutical companies can fully utilize the advantages of digital storage, real-time transmission, and efficient analysis. It can provide scientific decision-making support for enterprise data management and analysis, cost control, personnel management, and more. At the same time, emerging pharmaceutical e-commerce also relies on digitalization. The development of pharmaceutical e-commerce business can open up larger markets for pharmaceutical companies, which is conducive to market education and targeted promotion of products, bringing new growth drivers to the enterprise. Therefore, pharmaceutical companies should accelerate their own digital transformation, efficiently use digital tools, and further expand market space.   * This interview was published on Blue Whale Finance, with reporter Tu Jun as the lead contributor. The original title was    "The    2023 Annual Outlook | The healthcare industry may emerge from the winter slump, with vaccines potentially becoming a potential track to replace epidemic prevention products, and digital transformation accelerating further.    >>    (Click on "Read the Original Article" at the end of the text to view the full report).

How do you view Chinese pharmaceutical companies? 2022 Overall situation of overseas listings in the year, 2023 Will there be new changes in the coming year? Currently, there are multiple financing channels available overseas, such as Hong Kong and US stocks, Singapore, etc. What are their respective advantages, and how should pharmaceutical companies make appropriate choices? A Private Placement on the Stock Market, Hong Kong Stock Market IPO listing Compared with financing channels, GDR What are the advantages and disadvantages? 2022 In recent years, many enterprises have chosen to list on European markets such as Switzerland. What are the main considerations, and will it become a 2023 Trend of corporate listings in the year? Frost & Sullivan Frost & Sullivan Chen Zhenrong, Frost & Sullivan's Healthcare Industry Consulting Director for Greater China, was interviewed by Finance & Health for a joint exploration of 2023 The journey of healthcare companies going public. Finance & Big Health Q How do you view Chinese pharmaceutical companies? 2022 Overall situation of overseas listings in the year, 2023 Will there be new changes in the year? Chen Zhenrong Frost & Sullivan Greater China Healthcare Industry Consulting Director   2022 In [year], the number of Chinese biopharmaceutical companies going public overseas increased year-on-year 21 The decline was significant, with Hong Kong stocks still being the main focus. In terms of the US stock market, affected by macro factors such as the COVID-19 pandemic, US interest rate hikes, and geopolitics, the US Congress 2020 The Foreign Companies Accountability Act passed in 2019 It poses a very severe challenge to Chinese concept stocks. However, it is worth noting that new additions 2 A homegrown biopharmaceutical company successfully listed on the Hong Kong Stock Exchange GDR . It is expected that with the weakening impact of the COVID-19 pandemic and geopolitics, the number of Chinese biopharmaceutical companies going public overseas will recover, and the options for overseas listing will become more diversified. Special Purpose Acquisition Company SPAC The listing mechanism allows shell companies without actual business operations, which serve as a listing intermediary, to raise funds through an initial public offering. After listing, they can use the raised funds and refinancing within a preset period to merge with a target company through forms such as mergers, share purchases, share exchanges, asset acquisitions, and reorganizations. This enables the non-listed company to ultimately obtain a listing status. Compared to traditional IPO listing It makes the listing process simpler, faster, and less costly. Currently, the Hong Kong Stock Exchange has also launched SPAC Mechanisms have been established, and relevant articles of association have been issued for listing guidance. Global Depository Receipts GDR A depositary receipt is a type of financial instrument issued by a depository institution, available to markets in multiple countries. It is used to raise funds in US dollars or euros. GDR Allowing the trading of company stocks in countries where there is no stock market, thereby enabling investors to invest in the shares of companies that are not listed on the local stock market. GDR Enables outstanding enterprises that are already listed domestically to issue overseas to obtain financing, compared to the traditional A+H The method is more convenient. Q Currently, there are multiple financing channels available overseas, such as Hong Kong and US stocks, Singapore, etc. What are their respective advantages, and how should pharmaceutical companies make appropriate choices? Chen Zhenrong Executive Director, Greater China, Frost & Sullivan   For enterprises, choosing the initial listing location is usually a comprehensive consideration that includes whether it meets the listing conditions of the corresponding exchange, regulatory policies, valuation performance, liquidity, ease of refinancing, listing costs and time, as well as the clustering effect of enterprises. In fact, for most biopharmaceutical companies, they face the situation where they need a large amount of capital to drive research and development progress but cannot achieve profitability in the short term. In such cases, the exchange listing conditions and corresponding regulatory policies become a rigid threshold. Hong Kong Stock Exchange HKEX There are special incentive policies for biopharmaceutical companies going public, which are as follows: 2018 In the year, Rule 18 of the Listing Rules was established A Zhang, allowing unprofitable biotech companies to go public in Hong Kong, with a relatively low threshold, and a market value of up 15 It costs HK$100 million, but the downside is that Hong Kong stocks currently have poor liquidity, and at the same time, the price-earnings ratio for biotech companies is relatively low. U.S. stocks are split between the NASDAQ NASDAQ ) and the New York Stock Exchange NYSE Taking the NASDAQ exchange, where biotech companies are more commonly listed, as an example, among companies listed on NASDAQ, healthcare companies are the most numerous and constitute the highest proportion of the sector, with a clear clustering effect of enterprises. At the same time, NASDAQ has three tiers: 'NASDAQ Global Select Market', 'NASDAQ Global Market', and 'NASDAQ Capital Market', which are designed to cater to different growth stages of enterprises and have different listing standards. NASDAQ is undoubtedly one of the most mature and liquid capital markets globally, with its high audit efficiency and convenient refinancing being advantages that businesses should consider.   However, companies also face potential risks such as short-selling and class-action lawsuits. Moreover, U.S. stocks are significantly affected by international political situations to a certain extent. Whether listing in the U.S. is allowed, whether the company's market value will be affected by geopolitical factors after listing, and these are also factors that companies need to consider. In recent years, the Singapore Exchange SGX ) has also become a popular destination for domestic companies seeking overseas listings. Although the healthcare sector has become a distinctive segment of the New Third Board, its price-earnings ratio is not low. Currently, there are still few cases of domestic biopharmaceutical companies listing on the New Third Board, mainly due to the less ideal regulatory and liquidity conditions compared to the Hong Kong Stock Exchange. Q and A Private Placement, Hong Kong Stock Market IPO listing Compared with financing channels, GDR What are the advantages and disadvantages? Chen Zhenrong Executive Director, Greater China, Frost & Sullivan   2022 year 2 In the month, the China Securities Regulatory Commission (CSRC) issued the "Regulatory Provisions on the Interconnection and Depository Receipt Business of Securities Exchanges within and Outside China", expanding the "Shanghai-London Stock Connect" to the "China-Europe Stock Connect", thus broadening the interconnection financing channels. On one hand, it allows listed companies on the Shenzhen Stock Exchange to issue GDR On the other hand, it has also expanded its scope to major European securities markets such as the Hong Kong Stock Exchange. GDR Compared with domestic private placements and overseas dual listings, in addition to domestic listed companies whose market value is not less than RMB 200 Beyond the 100 million yuan threshold, it has advantages in various aspects such as issuance pricing, review cycle, trading restrictions, and issuance intervals: Compared with domestic private placements,   through issuance GDR By introducing international and domestic strategic investors, financing channels at home and abroad can be expanded. This can achieve goals such as promoting business development, enhancing internationalization, advancing the international development strategy, optimizing shareholder structure, and reducing equity dilution risks. Compared with overseas dual listings,   with A Shareholding company H Dual listing in Hong Kong through rights issue (commonly referred to as A+H ) as an example, GDR The approval and disclosure requirements for listing are relatively lower, the issuance and listing process is faster, and the costs incurred are also lower; in addition, the Swiss Exchange accepts the 'Accounting Standards for Business Enterprises of the People's Republic of China', which helps Chinese enterprises overcome a major obstacle to overseas listing while complying with Chinese laws. Q 2022 In recent years, many enterprises have chosen to list on European markets such as Switzerland. What are the main considerations and whether it will become a 2023 Trend of corporate listings in the year? Chen Zhenrong Executive Director, Greater China, Frost & Sullivan   SEHK relative to others GDR In terms of issuance location, it has three major advantages: a stable macro environment, high valuation, and sufficient capital. Switzerland is one of Europe's major financial centers, with a developed banking and insurance industry. It has a stable innovation, competitiveness, and economic environment. Moreover, as a permanent neutral country, it can provide a relatively stable political environment. At the same time, the SIX Swiss Exchange is one of the largest and most liquid exchanges in Europe. Its stable macroeconomic and financial environment, as well as the exchange rate of the Swiss franc, are conducive to the issuer's valuation and the continuous stability of its market value. It also allows issuers to access a globally leading pool of capital-rich and experienced Swiss investors and international investors in the cross-border wealth management industry.   Considering that the Hong Kong Exchange also has an excellent industrial concentration in the pharmaceutical industry, including global large biopharmaceutical companies such as Novartis and Roche, the Hong Kong Exchange is somewhat attractive to domestically listed biopharmaceutical companies that meet the standards. It is expected that 2023 In the New Year, more enterprises will choose to issue on the Ruixin Stock Exchange GDR .   * This interview was published in 'Finance & Big Health', with Xin Na as the reporter. The original title was     "The listing train of healthcare companies is heading to Switzerland?"    (Click the title to view the full report).

Suzhou International Science and Technology Park Industry Sharing Session      1    month 12 Today, Suzhou International Science Park, in collaboration with Frost & Sullivan, a leading consulting firm in the industry Frost & Sullivan The industry sharing event jointly organized by Frost & Sullivan and LeadLeo Research Institute, referred to below as 'Frost & Sullivan', was successfully held at the Artificial Intelligence Industrial Park.   This sharing session will focus on four major artificial intelligence sub-industries: integrated circuits, machine vision, industrial software, and optical communications. Dr. Wang Xin, a global partner at Frost & Sullivan, President of Greater China, Founder and Chairman of LeadLeo, and Founder of YUAN CAPITAL, will serve as the keynote speaker. At the beginning of his speech, Dr. Wang Xin stated, 2022 The year is a historic one for the semiconductor industry, looking back 2022 In [year], the semiconductor boom is over, market conditions began to decline, and global semiconductor sales growth slowed significantly in the second half of this year. A cyclical market is expected to continue until 2023 The market will rebound in the second half of the year. In addition, the ongoing tensions between the US and China continue to affect the global supply chain, and the development prospects of China's semiconductor industry are fraught with many uncertainties. As a result, the path for China's semiconductor industry remains long and snowy.   This sharing session will delve into the development history of China's semiconductor industry, as well as explore the future opportunities and challenges of the industry. Global Partner and President of Greater China at Frost & Sullivan, Founder and Chairman of LeadLeo, and Founder of YUAN CAPITAL Dr. Wang Xin   Dr. Wang Xin pointed out that the importance of the Chinese market to the global semiconductor industry is self-evident.       As of now, the Asia-Pacific region remains the largest regional semiconductor market, with China being the largest market in the region, accounting for 56% Global markets 35% , that is to say, China consumed about 35% semiconductor products.   However, Chinese local semiconductor companies only provide for the global 7.6% Semiconductor products, with their significant consumption and supply gap, have forced China to import a large amount of these products. The proportion of China's semiconductor imports in the industry's output value is also continuously increasing. 2010 year 11.24% , to 2015 year 13.69% , and then to 2020 year 16.97% ,   This also means that China's dependence on overseas semiconductor products is constantly increasing.   First is in terms of market share by sub-sectors ,   From the market share of various sub-sectors within semiconductors, it can be seen that the current advantages of the domestic semiconductor industry are mainly concentrated in capital- and labor-intensive areas such as semiconductor materials, wafer manufacturing, and packaging testing. In the research and development-intensive sub-sectors, such as semiconductor design software EDA , IP address Wait, Chinese semiconductor companies have performed weakly. Observing the gross profit margins of leading companies in various segments, the gross profit margins of upstream support sectors are generally higher, especially those with light assets. EDA , IP address In the authorization process, the gross profit margin is as high as 84% , 82% Design manufacturers benefit from the highly vertical division of labor across all links of the industrial chain, adopting Fabless Interactive Model, hence the gross profit margin is maintained at a relatively high level 60% At the same level, wafer manufacturing also has considerable gross profit due to technical barriers of advanced processes. 52% At a certain level, the beta testing phase is located in the mid-to-late stages of the industrial chain, with poor bargaining power. The gross profit margin is about 29% That is to say,   A large number of domestic semiconductor companies are still concentrated in sectors with low gross profit margins and weak R&D efforts. In several key, R&D-intensive, high-gross-profit-margin sub-sectors, there is still a long-term need for substantial imports from overseas. ,   The core links are controlled by other countries, putting the industrial chain in a passive position. In the future, the domestic semiconductor industry needs to expand into high-end fields. From the perspective of enterprise market value ,   As of 1 month 9 Today, TSMC, NVIDIA, Broadcom, and ASML rank among the top four in global semiconductor market value, all with a market value exceeding 1.6 Trillion yuan. The market values of China's northern companies, Huachuang Technology and Unigroup Microelectronics Corporation (UVIC), both exceed one trillion yuan, ranking among the highest market values of semiconductor enterprises in China Top 2 .   Overall, the market value of semiconductors in Mainland China lags far behind global markets The global semiconductor industry average has reached 1,557.1 100 million yuan, while the average in the Chinese mainland semiconductor industry is only 280 yuan, with a gap of about 5 times   The market value of NVIDIA alone is approximately equal to that of the Chinese mainland Top 20 The sum of market values of semiconductor companies 2.4 times,   Top 20 The global semiconductor market value is approximately equal to 14.7 Double that of the Chinese mainland Top 20 The sum of the market values of semiconductors ,   The huge market value gap also shows that China's semiconductor industry still has significant room for progress. In addition, as of 1 month 9 market value Top 10 In, U.S.-based companies dominate 8 The seat holds a clear advantage, and the Chinese mainland has not yet made it into the top ten, let alone the top twenty. The Chinese mainland has not yet cultivated world-leading semiconductor giants.   Judging from R&D investment ,   As of 2021 The global semiconductor R&D investment has reached 80.5 billion US dollars, compared to 2011 year 50.8 billions, growth 58.5% There has been a significant increase, with R&D investment in the Americas maintaining a strong upward trend. The proportion of R&D investment has changed from 2011 year 54.4% expanded to 2021 year 55.8% , improve near 1.4 percentage points   Contribute more than half, among which the United States maintains its leading position in R&D investment scale and is a research powerhouse.   Looking at the intensity of semiconductor R&D investment in various countries, the R&D investment in the US and Europe remains relatively strong, with the proportion of R&D investment to output value in both regions being 10% Above,   While China's proportion is only 7.6% lagging behind the United States by about 10 Percentage points indicate that China's investment in semiconductor research and development is insufficient, and more investment is still needed.   In terms of mass production processes,   Semiconductor process with 28nm As a demarcation line, it is divided into advanced processes and mature processes. In terms of demand, the demand for advanced processes is increasing year by year, while the demand for mature processes is relatively stable. China's semiconductor production capacity is mainly concentrated in 28nm The current process level of SMIC can reach up to the above mature and traditional processes 14nm , but mainly still focused on production 28nm Mainly chips above this level, and Hua Hong Semiconductor is also 2020 Announced that the process has reached 14nm However, the yield ratio only exceeded 25% . Finally,   From the perspective of application scenarios, China's semiconductor production capacity can meet the development needs of traditional fuel vehicles, electric vehicles, electric drives, etc., but it cannot satisfy the demands of high-end consumer electronics, data centers, and other scenarios that require advanced process chips. This also means that China is still very far from achieving 'high-end manufacturing'.   Dr. Wang Xin believes that, under the pressure of semiconductor technology and processes, complete domestic 28nm The mature process has become the optimal choice for China's wafer manufacturing.   Everyone sees it in the news every day 10 nm , 7nm , 5nm The chip, but its application range is actually very narrow, except CPU , GPU , AI Except for products with high requirements for performance-to-power ratio such as acceleration, most consumer electronics used in daily life, such as smartwatches, mid- to low-end tablets, TVs, air conditioners, industrial chips, etc., 28nm The process can fully meet the requirements. With the increasing market demand for terminal products such as tablet computers, wearable devices, and smart home appliances, it is predicted 28nm Process platform in the future 10 There is a huge market demand every year. Technically, 28nm The manufacturing processes and production equipment used in the process can be compatible. 40nm , 60nm Waiting for a more mature process means that even if businesses expand 28nm The production line of the process, when 28nm When the capacity demand declines, these devices can also be put into production of more mature processes. In addition 28nm It brings higher transistor speed and lower energy consumption, and 40nm In comparison, 28nm Gate density transistor speed is improved by about 50% , energy consumption has been reduced 50% .   However,   In the field of semiconductor manufacturing, China's most mature level is at 28nm , mainly centered around MediaTek International and Shanghai Huahong in the headquarter region, although they can complete 28nm The process has been mass-produced, but the full localization of the industrial chain has not been completed. The backward links are mainly in key equipment and materials, which are still domestically produced. 28nm The semiconductor self-sufficiency rate is still insufficient 20% .     Therefore, Dr. Wang Xin emphasizes that choice 28nm The mature process is a strategic step for China's semiconductor industry to break through the 'bottleneck' of chip supply.   Dr. Wang Xin also stated that although there are some shortcomings in China's semiconductor industry, it cannot be ignored that the industry has delivered impressive growth rates and has gradually developed its own characteristics and highlights. Semiconductor market size CAGR Look, China 2005 - 2013 Annual semiconductor market size CAGR for 13.1% Japan's growth was negative, 2013 - 2021 year CAGR for 9.5% , Japan: This data is only 2.9% The market scale of semiconductors in China CAGR The performance is remarkable, reflecting the strong resilience of China's semiconductor industry development, showing a stable upward trend.   At the same time, China's integrated circuit industry's share of the global industry 2010 year 25.5% expanded to 2021 year 34.6% Its international market share is growing larger and its output value contribution continues to increase. As can be seen from the previous data, China's semiconductor industry has been on the rise and will continue to do so. Dr. Wang Xin believes that overall, there are three major highlights in China's semiconductor industry.   The first highlight is the mainland foundries' demonstrated advantages in mature processes.   Market share of the world's top ten wafer foundries Top 10 Among them, mainland Chinese enterprises accounted for 3 The seats are occupied by SMIC International, Hua Hong Semiconductor, and Hefei Jinghe Integration respectively. The combined market share of these three companies exceeds 10% The obvious advantage of Chinese OEM enterprises is their focus on mature processes, laying a solid foundation for their future leadership in the OEM market.   The second highlight is the Chinese mainland IC The design phase is highly competitive.   From the perspective of industry proportionality, China is intensifying efforts to extend upstream in the industrial chain, aiming to make breakthroughs IC Bottlenecks in design, 2020 year IC The proportion of design output value reached 42.7% relatively 2010 Year-on-year increase of nearly 15.8 Percentage points, and it is precisely because of China's high emphasis, IC The design industry is gradually replacing industries with lower added value. IC Pre-release testing industry. In terms of the number of companies, there are approximately 3,243 Home semiconductor design company, South Korea only 130 Home, the gap between the two is 25 about double, and in China IC The number of design companies is still growing continuously.   The third highlight is in the downstream process, on the Chinese mainland OSAT The company also has considerable competitiveness ,   At the forefront globally 10 big OSAT within the company, 3 The companies come from the Chinese mainland, namely Changjiang Electronics Technology Co., Ltd., ranked third, Tongfu Microelectronics Co., Ltd., ranked sixth, and Huatian Technology Co., Ltd., ranked seventh. The combined share of these three companies is approximately 27% , exceeding Naspers' global market share lead. These data indicate that the Chinese mainland OSAT The enterprise has performed exceptionally well in global competition.   It can be said that China has the potential to become the third-largest semiconductor producer after the United States and South Korea.   According to Dr. Wang Xin, as China becomes the world's largest semiconductor sales market, the supply chain risks in the US semiconductor industry are gradually increasing, leading to a series of US anti-Chinese policies. China's semiconductor industry has become accustomed to rising against the odds amidst the pursuit and obstruction from the United States and its allies. 2021 Since the beginning of this year, the United States has successively introduced a series of policies towards China. Through various unfair trade controls, it has dominated capital flows, restricted technology, talent, and enterprise inflows into China, among other means, to combat Chinese semiconductor companies and contain the development of China's semiconductor industry in multiple aspects. At the same time, the United States has continuously called for strengthening multilateral cooperation with allies, aiming to impose more stringent export controls on China in order to gain competitive advantages. The international market is 'full of crises'. On the one hand, 2022 In the second half of the year, falling demand pushed most domestic enterprises into an anxiety about inventory reduction, and the industry entered a downward cycle.   Multiple factors such as downstream order cancellations, RMB depreciation, increased unit inventory costs, and new product stocking have led to a significant decline in performance for related enterprises. 2022 year Q3 quarter The average global semiconductor inventory month has risen to 4.16 months, with the average inventory months of domestic semiconductor design manufacturers rising to 8.62 months, exceeding the common 3 - 4 Inventory level for the next [X] months. International manufacturers such as Intel and Hynix, which mainly focus on consumer-grade chips, are also 2022 In the third quarter of the year, there was a significant decline in performance. In terms of Chinese enterprises, 2021 Chip companies with good annual performance 2022 In the third quarter of 2023, chip inventories reached their highest point in history, with some companies experiencing an increase in inventory exceeding 100% Operating revenue has all declined.   Considering factors such as production ramp-up cycles and innovation cycles, Frost & Sullivan estimates that this semiconductor cycle may end in 2023 The bottom may be seen in the second or third quarter of next year. How to withstand this six-month period, especially against Chinese companies whose ability to counter cyclical risks is relatively weaker, poses a huge challenge.   On the other hand, 2022 In [year], semiconductor international giants further improved their technology and business portfolios through mergers and acquisitions. By leveraging the resources and technological advantages of their acquirers, they better shaped their core competitiveness, consolidated their market position, and expanded into more potential markets. However, for Chinese semiconductor companies, the accelerating pace of mergers and acquisitions by international giants means a widening gap in technology, products, market, and ecosystem. With several major acquisition events coming to an end, the barriers erected by international giants are becoming even higher. Giants use mergers and acquisitions to seize “ C Bit”, which not only preempts a company, some technology, or certain niche markets, but also potentially represents opportunities for domestic players. For some enterprises, survival in this gap will be even more difficult.   However, Dr. Wang Xin also firmly stated that, against the backdrop of a crisis-ridden environment, he is still optimistic about the Chinese semiconductor market for several reasons—simple as it is: 'There are people, there is a market.' Semiconductors are the foundation of the electronic information industry and belong to an intellectual-intensive sector. They require a large investment in highly skilled professionals to achieve independent development and innovation in the semiconductor industry.   China's semiconductor industry has now cultivated a group of outstanding talents and promoted the maturation of a number of core production processes, especially 40nm The above production process.   Meanwhile, China is also continuously increasing its investment in talent cultivation for the semiconductor industry, especially IC Design phase. 2021 The number of employees in the US semiconductor industry reached 27 Ten thousand people, all increasing 12.5% , and 2021 In China, the number of semiconductor industry practitioners reached 74 Ten thousand people, all increasing 45.1% .   In addition, as the world's largest semiconductor market, China still has a strong demand. It can be seen that the main application markets for semiconductors include incremental markets such as automotive, network communication, industrial intelligent control, and data processing. China's growth rate over the next five years remains considerable.   The consumer electronics market in the existing stock market is under pressure in the short term. Affected by multiple factors such as weak demand, high inventories, downstream cutbacks and price cuts, 2022 The annual consumer electronics market size is expected to shrink significantly and maintain a low growth rate for some time in the future. In the medium to long term, the growth driver of semiconductor demand will shift from consumer electronics to areas such as electric vehicles, network communications, and industry. Among them, automotive semiconductors 2021 The annual market scale is 1,208 1000 million yuan, in the future 5 year CAGR yes 12.55% Network communication semiconductors 2021 The annual market scale is 3,482 1000 million yuan, in the future 5 year CAGR yes 7.86% Industrial intelligent control semiconductors 2021 The annual market scale is 1,350.2 100 million yuan, in the future 5 year CAGR yes 11.16% Consumer electronics semiconductors 2021 The annual market scale is 1,208 1000 million yuan, in the future 5 year CAGR yes -1.14% ; data processing semiconductors 2021 The annual market scale is 3,742.5 1000 million yuan, in the future 5 year CAGR yes 8.47% It can be seen that the growth prospects of these segmented markets in China over the next five years remain highly certain. In the medium to long term, the growth driver of semiconductor demand comes from mobile phones, PC Consumer electronics, represented by smartphones and tablets, are shifting towards electric vehicles, data centers, and new energy sectors. A new round of chip design innovation cycles and domestic substitution periods are expected to begin.   Dr. Wang Xin believes that in the future 5 - 10 In the year, the automotive industry, data center industry, and new energy industry are three of the most promising development areas, with overlapping sectors among them. The development of these three industries will grow at a high speed simultaneously, driving the rapid development of related integrated circuit chips.   Automobile industry:   The rapid growth in new energy vehicle sales will effectively drive the development of integrated circuits. In addition, with the continuous development of connected and intelligent vehicles, the number of semiconductors required for automobiles will also double.   Data Center Industry:   as 5G With the acceleration of business pace progress, the development of Internet of Things technology, and the expansion of applications such as online office work and metaverse in the post-pandemic era, data center servers will see increased demand and are expected to show a rapid growth trend in the future.     New Energy Industry:   Energy shortage and in Under the 'dual carbon' goal, the development of new energy industries will continue to accelerate, thus putting photovoltaic inverters on fast track. IGBT The demand for chips related to power management and other aspects will also multiply. On the other hand, this will promote the development of industrial automation, and the development speed of related power chips will accelerate. With the further recovery of industry supply and demand, some industrial chain links such as chip design are expected to bottom out first and see a recovery in the second half of the year.   Dr. Wang Xin pointed out that by analyzing the entire integrated circuit industry chain from three different dimensions: market scale, industrial driving force, and localization progress, it is evident that the markets for integrated circuit design and packaging and testing are in high prosperity. In the future, it is expected to achieve rapid development driven by national policies and market demand.   In terms of the number of integrated circuit design enterprises, the integrated circuit design industry is currently in the industry's growth phase. This stage has two relatively prominent characteristics:   1. Flowers bloom everywhere, with local breakthroughs:   Numerous technology innovation companies have emerged in niche areas;   2. Release the cleaning card for optimized resource allocation:   Large enterprises have started mergers and acquisitions, with products, talent, and technology gradually converging.     Dr. Wang Xin believes that 2025 The year is a turning point for the integrated circuit design industry. 2025 After the Spring Festival, the number of integrated circuit design enterprises will tend to stabilize. Larger enterprises will acquire smaller ones in the industry, forming a concentration of technology, talent, and industry resources. The industry concentration will further increase, effectively reducing industry costs, achieving breakthroughs in core technologies, and further expanding market size.   From the perspective of domestic substitution ,   Some integrated circuit design companies in China have initially developed global competitiveness in their niche areas, and some have already achieved a high level of substitution capability. In the future 3 - 5 In [year], there is hope for gradual localization substitution in high-tech barrier areas. Logic of integrated circuits in China IC simulation IC In fields such as discrete devices, many enterprises with globally advanced technology levels have emerged, such as HiSilicon (mobile baseband chips), Zhaosheng Microelectronics (discrete RF switches and low noise components), HMD Technology (fingerprint recognition chips), and Lixin Semiconductor (low-power IoT chips). 3 During the year, Chinese integrated circuit design companies required in the consumer electronics application field WIFI/ Bluetooth chip, CIS , MCU Power management, optical chips, and some mid- to low-end memory chips already possess a high degree of substitution capability, and related integrated circuit design companies will also accelerate their growth.   In the long run, the future 3 - 5 In 2023, with the support of industry, academia, and research institutions, coupled with strong market demand, the growth trend of integrated circuit design capabilities in China remains unchanged. The high-end chip design capability has been significantly improved, and the development of radio frequency front-end transmitters with high technical barriers will gradually be realized. / Receiving module, various types of memory chips NAND gate , DRAM , nor ), MEMS The localization and substitution of sensors, etc., will also benefit related integrated circuit design enterprises, accelerating their development process. computer MPU , FPGA , Customization for Vehicles / Standardized chips, for servers MPU and GPU These technologies have high technical thresholds, core technologies are controlled by international giants, and coupled with the impact of the Sino-US trade war, the localization progress in these fields is almost 0 However, with the support of national policies, in the future 10 year 10 After the New Year, there are hopes for technological breakthroughs in these areas and the completion of domestic substitution.   Subsequently, Dr. Wang Xin briefly introduced the integrated circuit industry in Suzhou Industrial Park to everyone.   Firstly, the park has excellent locational advantages, with a solid foundation in integrated circuit industries in both Jiangsu Province and Suzhou City.   . Jiangsu Province is located in the hinterland of the Yangtze River Delta and is one of the regions in China with an early start, solid foundation, and rapid development in integrated circuit industry. It holds a pivotal position in China's integrated circuit industry. According to data disclosed by the National Bureau of Statistics, 2021 The annual integrated circuit output of Jiangsu Province is 118 100 billion yuan, ranking first in the country, year-on-year 2020 Year-on-year growth 42.1% , accounting for national output 33% From the perspective of the industrial chain, Jiangsu Province has formed a coverage that includes EDA A relatively complete integrated circuit industry chain, including design, manufacturing, packaging, equipment, materials, etc., has gathered numerous well-known integrated circuit enterprises.   2021 In 2023, the integrated circuit industry scale in Jiangsu Province reached 3,440 yuan, due to 5G The demand for integrated circuits in big data centers, cloud computing servers, tablets, automobiles, etc., continues to climb, and it is expected that in the future 5 The scale of the integrated circuit industry in Jiangsu Province will remain within 18% The high-speed growth trend, 2026 The annual industrial scale will reach 7,869.9 100 million yuan.   Suzhou ranks second in the province in terms of integrated circuit scale, having introduced Infineon, Freescale Semiconductor, AMD A series of international big names, after years of development, Suzhou has formed an ecosystem centered around 'design - Wafer manufacturing - Focused on 'Package Testing', the integrated circuit industry chain supported by the equipment, raw materials and service industries, and MEMS The region has a good industrial foundation in characteristic niche areas such as compound semiconductors and optical communications. It is one of the regions in China with a relatively complete industrial chain, high enterprise concentration, and leading talent reserves and technology development levels. 2021 In [year], the scale of Suzhou's integrated circuit industry reached 606 Yuan billion, expected in the future 5 In 2023, the scale of Suzhou's integrated circuit industry will still maintain a steady growth trend.     The competition within the province is fierce, Wuxi 2021 The annual industrial scale is 1,780 Rising to the second place nationwide with a value of hundreds of millions, it has an obvious advantage. Nanjing is rich in educational and scientific resources and has cultivated a large number of professionals. Meanwhile, emerging cities such as Nantong and Yangzhou are also developing vigorously. In such a highly competitive internal environment, there is still great potential for the development of integrated circuits in Suzhou. Dr. Wang Xin further pointed out that by analyzing the layout of enterprises in the semiconductor industry chain within the park,   It is evident that the semiconductor industry chain layout in the park is relatively complete, forming a system centered around 'design - Wafer manufacturing - Focused on 'encapsulation testing', supported by the equipment, raw materials and service industries, the park has a solid industrial foundation in chip design and packaging testing, and is one of the parks with a relatively complete industrial chain in China.      In addition, Dr. Wang Xin also stated that there are deficiencies in the development of Suzhou Industrial Park in the field of integrated circuit design, especially compared with strong integrated circuit industry parks such as Shanghai Lingang and Nanjing Jiangbei. First,   Against the backdrop of the major trend in digital economy development, Shanghai Lingang and Nanjing Jiangbei have successively deployed chip products in emerging fields. In comparison, the park can further expand its layout of core chip products in emerging application areas such as new energy and intelligent connected vehicles, industrial Internet, big data, and cloud computing.   Secondly, the integrated circuit design industry requires high-end talent, and the attractiveness of Suzhou Industrial Park to core R&D talents can be further enhanced. On one hand, the park's talent policy focuses on project support for major innovation teams and leading talents, and it needs to provide support for other core R&D personnel. On the other hand, the park urgently needs to improve its policy for high-skilled talents below master's degree level but in short supply in the integrated circuit design field to promote the development of the park's integrated circuit design industry.   Thirdly, Shanghai Lingang and Nanjing Jiangbei offer greater support for innovation links, and the support provided by the parks can be further enhanced. Fourthly, comparing the layout of leading enterprises in industrial parks, Shanghai Lingang and Nanjing Jiangbei have larger-scale enterprises with comprehensive industrial chain coverage, while the scale of leading enterprises in the park can generally be expanded. In response to the current development of integrated circuit industries in Suzhou Industrial Park, Dr. Wang Xin has put forward relevant layout suggestions. First,   Design industry   It should guide the formation of industrial agglomerations and introduce technologies related to intelligent vehicles, Internet of Things, AI Chip design companies related to applications and other fields should increase their efforts in introducing high-end talents for integrated circuit design, and leverage the advantages of Suzhou's free trade zone as a pilot area to create convenient cross-border technology service platforms and carriers; secondly,   Closed beta industry   Efforts should be made to build advanced foundry and testing industry bases, and promote the development of leading foundry and testing enterprises; finally,   Manufacturing   We should consolidate the leading position of Yinghe chips in the manufacturing industry, support the establishment of new wafer manufacturing industrial parks, and set up a professional investment promotion team to provide professional services to the team. As a global top-tier think tank with an international perspective, Frost & Sullivan 60 Over the years, it has provided comprehensive services such as full life cycle investment and financing services, growth consulting services for a large number of enterprises at home and abroad. It has a deep understanding of market development laws and rich industrial ecological resources.   LeadLeo is a leading original industry research content platform in China, serving as both an integrator of resources and an 'antenna and radar' for industry and corporate information. It provides timely and comprehensive understanding of enterprises and the industries they operate in. Frost & Sullivan and LeadLeo, starting from demand, can empower the semiconductor industry in the park in multiple dimensions and comprehensively.   Dr. Wang Xin expressed confidence that in the future, Frost & Sullivan and LeadLeo are very much looking forward to working with the park to understand industry trends, seize development opportunities, and jointly promote innovation and upgrading of China's semiconductor industry.

China Focus ® It is a Chinese conference brand with the most global brand influence in the biopharmaceutical field. Its mission is to help Chinese enterprises connect with entrepreneurs, scientists, and investors in the life sciences sector from around the world. 2023 year 1 month 10 day, China Focus ® The Suzhou session of the Global Life Sciences Summit has officially commenced.   Frost & Sullivan Frost & Sullivan Mao Hua, Partner and Managing Director of Frost & Sullivan's Greater China Region, was invited to attend the event and participate in roundtable discussions. He also met with He Qijia, Vice President of Rongsheng Investment, and Chairman and Founder of Xueji Biotechnology. CEO Zhu Fangfang, Deng Lingquan, a partner of Power Health Fund, and Zhang Xiaoliang, a partner of Taihao Venture Capital, discussed together "Capital winter Biotech Survival Strategy". Partner and Managing Director, Greater China, Frost & Sullivan fattening 2022 The biomedical capital market has gradually corrected 2022 In the capital market of the year, there has been a certain degree of reduction in both project amounts and numbers. Mao Hua said that the pullback in the entire secondary market for biotech companies did not occur entirely 2022 In 2021 Year-end pullbacks have already begun, and the trend has spread to the Sci-tech Innovation Board. However, looking only at the number of listed companies and the amount of financing, 2022 The year is not smaller than 2021 The age difference is quite significant. Due to the certain cycle involved in the listing process, some projects 2020 Year-end 2021 Launched at the beginning of the year, until 2022 The listing in [specific year] brought about a significant increase in the base number of existing listed companies. 2022 It is reflected in the years. Enterprise supervision is becoming stricter, and the layout should be made as early as possible. Capital providers and regulatory authorities are becoming increasingly strict in their review of the revenues and products of biotech companies. Mao Hua said that regulators will ask very detailed questions about the market valuation logic, product technical highlights, as well as the company's subsequent commercialization plans and steps. Therefore, enterprises need to consider the commercialization, technological innovation, and originality of their products at an early stage. Mao Hua pointed out that how an enterprise survives, the clinical value and market value of drugs during competition, and the value after investment are all issues that capital providers are more concerned about. For capital providers, investment is not just about making a profit or chasing a trend; it is about hoping that the enterprise can become an important highlight and link in investment, thereby bringing returns on investment. The key lies in the enterprise's own positioning, whether it is Biotech or Biopharma company Therefore, it is particularly important to find the right development path Biotech or Biopharma company It represents the development stage of the enterprise. Mao Hua believes that it is not an embodiment of corporate value itself, but rather more about the company's own positioning. Mao Hua mentioned, Biotech There may be many definitions, such as the following characteristics: First, it is necessary to have a complete team including R&D, production, and commercialization; second, there must be at least one product that has successfully achieved commercialization; third, there are financial indicators; fourth, there is a product accumulation and layout, such as an annual application for BLA , Non-Disclosure Agreement Whether there are products that can achieve clinical trial progress every year, or whether a positive product pipeline is established to support the future decline in market share of launched products, is an important indicator. Biopharma company follow Biotech In contrast, the required capabilities, resources, and products need to be differentiated, and not every enterprise is suitable for Biotech walked to Biopharma company Therefore, it is necessary to clearly understand one's own suitable positioning and then combine resources to fulfill the mission of enterprise development. In the future, capital markets will place emphasis on 'value' although 2022 The capital market has seen some corrections in the year, but there have also been some innovative breakthroughs. Mao Hua cited examples, mentioning that cell and gene therapy are currently developing rapidly but are still in their early stages, and commercialization requires continuous exploration. All participants in the market are concerned about 'value', hoping that products can ultimately benefit patients and achieve clinical value. For enterprises, they need market value, revenue, and profits; investment institutions require investable value, hoping to see enterprise growth and ultimately bring products to clinical practice and patients; service providers also expect to provide more information and value, helping enterprises discover suitable tracks for themselves, demonstrate unique differentiated positioning, and find their own points of value promotion. Mao Hua said that if the entire industry can return to 'value', it will also be beneficial for companies to enter the capital market in the future. Frost & Sullivan medical has a wide base of corporate clients in China and in the past 20 A vast customer network was established within the year, with over 200 The project has accumulated a wealth of experience in various medical sub-fields.    Project types include Knowledge Center projects (in-depth content, promotional activities). Pre-IPO financing project DCF model Valuation, Business Plan Services), IPO listing We provide listed projects (industry consulting, clinical audits, fundraising and investment writing), market research, market value management, and strategic consulting. We also cooperate with well-known domestic and international information platforms and investment and financing institutions to offer one-stop solutions for enterprises in specialized sub-sectors such as pharmaceuticals and medical devices. Our services have received wide attention from investors.

1 month 4 On the same day, Wang Guanghua, Minister of Natural Resources, said in an interview that the Ministry will study and introduce relevant policies to guide large-scale photovoltaic power generation projects to use unused land such as deserts, wastelands, and beaches for construction, promote the healthy and orderly development of offshore photovoltaic industries, and guide offshore wind power development towards deeper seas. What are the positive impacts of promoting the use of unused land such as Gobi, deserts, and wastelands for photovoltaic projects? What policy support is needed for the development of the offshore photovoltaic industry? In which areas does a company's core competitiveness mainly manifest? In terms of developing a new energy system, where are the future development patterns and innovation breakthrough points for the photovoltaic power generation industry?   Frost & Sullivan Frost & Sullivan Xu Biao, Executive Director of Frost & Sullivan's Greater China Region (hereinafter referred to as 'Frost & Sullivan'), was interviewed by Securities Daily to discuss the development of the photovoltaic industry. Securities Daily Q Securities Daily Reporter: What are the positive impacts of promoting the use of unused land such as Gobi, desert, and wasteland for photovoltaic projects? Xu Biao Executive Director, Greater China, Frost & Sullivan   Promoting the construction of photovoltaic projects using unused land such as Gobi, desert, and wasteland can reduce the project construction cost and enhance economic efficiency. At the same time, it also has a positive effect on improving the local ecology and developing additional industries. The land prices in unused areas such as the Gobi, deserts, and wastelands are low, and there are basically no costs related to demolition. Promoting the construction of large photovoltaic power generation projects using these unused lands is conducive to improving the economic viability of photovoltaic projects. Building photovoltaic projects in unused lands such as the Gobi, desert, and wasteland can also bring about significant additional ecological and industrial value. Photovoltaic panels can block excessive sunlight from ground plants, effectively reducing surface water evaporation and lowering the amount of evaporation. 30% Left and right, and it can also effectively reduce ground wind speed. Therefore, photovoltaic projects can improve the local climate, increase soil moisture and nutrients, and enhance species diversity. At the same time, they can also play a good role in preventing wind erosion and stabilizing sand, effectively regulating the thermal balance of the surface. Photovoltaic projects can also integrate and develop various forms of industries, such as organic agriculture and forestry. Q Reporter from Securities Daily: What policy support is needed for the development of offshore photovoltaic industries? In which areas does a company's core competitiveness mainly manifest? Xu Biao Executive Director, Greater China, Frost & Sullivan   At present, offshore photovoltaics have not reached the investment return standard without subsidies. The promotion of the offshore photovoltaic industry still requires financial support. In addition, policies regarding land use for offshore projects, supporting facilities, and power consumption are also important supports for the promotion of the offshore photovoltaic industry. The core competitiveness of enterprises developing offshore photovoltaic projects is reflected in the project site selection. How to choose a development location with low climate risks, complete support policies such as subsidies and land for sea use during the construction period largely determines the overall economic viability of the project. A good site selection can also reduce damage to power generation facilities caused by corrosion, waves, etc., to a greater extent during the operation phase, thereby generating electricity more efficiently. Q Reporter from Securities Daily: In terms of developing a new energy system, where is the future development pattern and innovation breakthrough point for the photovoltaic power generation industry? Xu Biao Executive Director, Greater China, Frost & Sullivan   One of the important future development patterns for the photovoltaic power generation industry is the accelerated development of distributed photovoltaics. 2021 New photovoltaic installations in China in 20XX 54.9 GW , including newly added distributed photovoltaic installations 29.3 GW Proportion 53.3% For the first time, it has exceeded the centralized photovoltaic installation scale. In the future, distributed photovoltaics will become the main force in the development of the photovoltaic industry. The innovation breakthrough points of the photovoltaic power generation industry mainly focus on: at the manufacturing end, accelerating the development of large-size silicon wafers and TOPCon , HJT The research and development of high-efficiency solar cells such as perovskites, as well as breakthroughs in components, are underway. In terms of development and operation, it is necessary to break through key technologies for intelligent photovoltaic energy storage, develop photovoltaics and supporting energy storage systems in coordination, stabilize photovoltaic power generation fluctuations, and enhance their support capacity for new power systems.   * This interview was published in 'Securities Daily', with reporter Guo Jichuan. The original title was '    Policy guides the use of unused land to build photovoltaic projects Accelerate enterprise “photovoltaic + ”process    >>    (Click on "Read the Original Article" at the end of the text to view the full report).

Recently, the list of 'Industry Practice Professors (First Batch) for the Integration of Industry and Education' selected by the Ministry of Industry and Information Technology was made public. Frost & Sullivan Frost & Sullivan Dr. Wang Xin, Global Partner and President of Greater China at Frost & Sullivan, and Mr. Yang Xiaocheng, Partner and Managing Director of Greater China at Frost & Sullivan, were selected as one of the first 300 Famous as 'Industry Practice Professor of Industry-Education Integration'.     Dr. Wang Xin     He is the founder of Frost & Sullivan's Greater China operations and currently serves as a global partner and President of Greater China at Frost & Sullivan. Dr. Wang Xin has been engaged in the consulting field for over two decades, providing various consulting services to multinational companies and market-leading enterprises in the Asia-Pacific region, especially in Greater China. Dr. Wang Xin leads the Frost & Sullivan team to integrate globally 62 years of consulting experience, 25 Over the years, we have dedicated ourselves to serving the booming Chinese market. With a global perspective, we help clients accelerate their business growth, assist them in achieving growth, technological innovation, and leading benchmarks within their industries. We have guided nearly a thousand domestic and foreign companies to list and raise funds on major global capital markets. We are one of the leading figures in the field of investment strategy consulting in China. Dr. Wang Xin as early as 2003 In the year, Dr. Wang Xin led the Frost & Sullivan team to pioneer advisory services for Hong Kong and overseas listings. He was also the first to establish and standardize the business processes and service standards for industry advisory services in the investment and financing sector, making outstanding contributions to the standardized development of the industry. 18A The solicitation of revised opinions on the listing of biotech companies by Frost & Sullivan. Since the team at Frost & Sullivan began providing investment and financing advisory services to corporate leaders and their management teams, it has helped nearly a thousand companies successfully list on the Hong Kong stock market and overseas. 2014 till 2022 In FY2019, Frost & Sullivan retained its position as the leading provider of Hong Kong and overseas M&A advisory services. IPO listing The leading position in the market with the largest share of market research advisory clients, a position that has been widely acknowledged within the industry for several years, with Frost & Sullivan reports also being cited extensively by industry leaders. A Prospectus documents of listed companies, research reports on primary and secondary markets, and other capital market disclosure documents. In addition to leading Frost & Sullivan to achieve numerous successes in the Asia-Pacific region, Dr. Wang Xin has also founded the leading domestic original content platform for industry research and an innovative professional knowledge and research service provider, 'LeadLeo Sci-Tech Innovation Network', which is widely recognized by governments, financial institutions, investors, enterprises, and media.   Mr. Yang Xiaocheng   He is a partner and Managing Director of Frost & Sullivan Greater China, an off-campus innovation mentor at Sichuan University, a judge for the national-level 'Mass Entrepreneurship and Innovation' competition, a specially invited 'Innovation and Entrepreneurship' mentor for the Tianjin Satellite TV program 'Non-You Cannot Have Me', with over ten years of experience in capital market services. He is responsible for the international capital market department of Frost & Sullivan, providing clients with investment and financing consulting, valuation, financial advisory, and other services. He has led and participated in dozens of domestic and international corporate listings and mergers and acquisitions projects.   Industry Practice Professor of Industry-Education Integration       The integration of industry and education refers to the active establishment of professional industries by higher education institutions based on their established majors. These industries are closely combined with teaching, supporting and promoting each other, transforming schools into industrial business entities integrating talent cultivation, scientific research, and technology services. It forms a school-running model where the school and enterprises are integrated seamlessly. Industry-education integration is a deep collaboration between industry and education, as well as a collaborative effort between institutions and industries to improve the quality of talent cultivation.   2017 year 10 month 18 On the same day, Comrade Xi Jinping pointed out in his report to the 19th National Congress that it is necessary to deepen the integration of industry and education. To thoroughly implement the decision-making arrangements of the Central Committee of the Communist Party of China and the State Council on deepening the integration of industry and education, and to earnestly fulfill the work requirements of the '14th Five-Year Plan' for promoting the development of small and medium-sized enterprises, the Small and Medium-sized Enterprise Development Promotion Center of the Ministry of Industry and Information Technology ( Abbreviation: Center ) The project of 'School-Enterprise Collaborative Employment, Entrepreneurship and Innovation Demonstration Practice Base' has been organized and implemented, receiving high attention and active participation from universities and enterprises. To further pool industry expert resources from various fields, deeply empower the integration of industry and education, and better assist enterprises in solving employment challenges, the center has decided to launch a recruitment campaign for 'Industry Practice Professors' and select and build an 'Industry-Education Integration Think Tank'.   The first batch of specially-appointed "Industry-education Integration Industry Practice Professors" by the Ministry of Industry and Information Technology was selected nationwide. 300 Name: Dr. Wang Xin and Mr. Yang Xiaocheng have been selected   Industry domain expert   .   Frost & Sullivan helps technology innovation companies grow       Frost & Sullivan believes that technological innovation is the core driving force for enterprise development, achieving growth is the top priority for business development, and becoming a market leader is a lofty goal for the long-term sustainability of an enterprise.     "Frost & Sullivan Global Growth, Tech Innovation and Leadership Summit" (referred to as "Frost & Sullivan Global GIL Summits" ) in over 20 Countries and regions, with nearly 30 With its 18-year history of hosting, it has successfully attracted the world 1000 Strong participation from leading companies, top domestic and international investment institutions, and other leading enterprises helps them identify opportunities, accelerate growth, innovate continuously, and gain a leadership position in an increasingly complex and dynamic world. Frost & Sullivan Global GIL The summit begins at 2008 Since its inception in China last year, the event has successfully held sixteen sessions domestically. It has become an important platform for outstanding domestic enterprises, academic institutions, investment experts, and regulatory authorities to exchange successful experiences and jointly explore development directions, as well as a crucial window for the world to understand China's most cutting-edge development trends.   2021 year 1 month 23 On the same day, the Ministry of Finance and the Ministry of Industry and Information Technology jointly issued the "Notice on Supporting the High-Quality Development of 'Specialized, Refined, Specialized and Innovative' Small and Medium-Sized Enterprises," launching a policy for central financial support to the high-quality development of "specialized, refined, specialized and innovative" small and medium-sized enterprises. As of 2022 At the end of the year, the number of national-level specialized, refined, distinctive and innovative “little giant” enterprises nationwide exceeded 9,000 Home, driving various regions to cultivate provincial-level specialized, refined, characteristic and innovative small and medium-sized enterprises 5 Ten thousand families. 2022 In [year], Frost & Sullivan introduced a new concept of 'New Investment', dedicated to empowering enterprises that have already achieved growth, or are expected to demonstrate growth in the future, as well as innovation and leadership. At the same time, Frost & Sullivan has specifically joined forces with professionals from industry, academia, research, investment, and other institutions to establish the 'Frost & Sullivan & LeadLeo Innovation Expert Committee'. Adhering to the spirit of 'many hands make light work',    We aim to achieve high-level collaboration among all stakeholders, support college students' innovation and entrepreneurship, provide integrated service solutions for the development of 'specialized, refined, distinctive, and innovative' enterprises, and help enterprises achieve rapid growth.   At the same time, Frost & Sullivan, through initiatives such as   " Voyager Program "   ,   "Navigator Program"   and   "Best Practice Award"   By adopting various methods, enterprises can focus on innovation and R&D capabilities, establish effective investment and financing strategies, talent strategies, industrial ecosystems, and market layouts, build core competitiveness, achieve deeper-level long-term driving growth, and ultimately empower industrial transformation and upgrading through scientific and technological innovation, thereby promoting China's economic and social development.   Frost & Sullivan Empowers Industry-Education Integration     To promote the integration of industry and education and thoroughly implement in-depth cooperation between industries and education,     In recent years, under the guidance of the National College Students' Precise Employment and Entrepreneurship Assistance Group, Frost & Sullivan has joined hands with LeadLeo Research Institute to vigorously promote the integration of industry and education, with the aim of training college students and providing professional knowledge services.    We have successively collaborated with universities such as Jiaotong University, Fudan University, and Sichuan University to launch practical research courses. The aim is to help more graduates and job seekers acquire basic workplace skills through research skills training, thereby enhancing their overall competitiveness, innovative spirit, entrepreneurial awareness, and innovation and entrepreneurship capabilities.   On the other hand, under the leadership of industry-education integration, Frost & Sullivan has joined hands with LeadLeo to gather forces from governments, enterprises, universities, and society to promote the cultivation of innovative and entrepreneurial talents.      2022 In [year], Frost & Sullivan, in collaboration with LeadLeo Research Institute, jointly released “ chang ·>Set Sail” Global Newcomer Sci-Tech Innovation Enterprise List   Several "mass entrepreneurship and innovation" (MIEI) enterprises graduated from universities have been shortlisted for the list.     Meanwhile, relying on the strong research capabilities and professional, in-depth content influence of Frost & Sullivan and LeadLeo's research institutes, after being polished and recorded by nearly a hundred professional analysts, Frost & Sullivan, in collaboration with LeadLeo, 2022 The year officially commenced   LeadLeo classroom ™ online video courses   It provides tremendous impetus for online empowerment of industry-education integration of 'LeadLeo Education'. In addition, 2023 In [year], under the guidance of the College Student Assistance Group, Frost & Sullivan's Internship and Employment Program and the Industry Research Analyst Employment Competition will also start from niche industries. Together with top global companies, they aim to contribute to the precise employment of college students. They will create new paths and explore new methods for enterprises to reserve, cultivate, and select suitable talents.   The Ministry of Industry and Information Technology's selection of 'Industry-education Integration Industry Practice Professors' is an important measure to deepen industry-education integration, coordinate education between schools and enterprises, and enhance the ability of universities to serve economic and social development. The aim is to gather high-end social talents into expert resources for various industries, deeply empower industry-education integration work, and assist enterprises in solving employment challenges.   Dr. Wang Xin and Mr. Yang Xiaocheng have been selected as Industry Practice Professors for the integration of industry and education. They will better play the bridging role among the government, universities, and enterprises, effectively promoting the joint cultivation of high-quality practical compound talents by universities and enterprises, as well as between universities and industries. This will bring long-term benefits to society, enterprises, schools, and students, and lay a solid foundation for the sustainable and healthy development of the economy and the construction of an innovative country.

Recently, IPO listing If only I had known that it was announced 2022 annual IPO listing Best Investment Institution Top 100 」, 2022 Best Institutional Investor of the Year" 2022 annual IPO listing Best Service Provider" list. Rely on 2014 till 2022 Year-on-year consecutive listing on Hong Kong and overseas markets IPO listing The market industry research advisor holds the leading position with the largest market share,     Frost & Sullivan Frost & Sullivan The Frost & Sullivan report, referred to as 'Frost & Sullivan', has been 2022 annual IPO listing Best Industry Research and Consulting Firm". As a global growth consulting firm, Frost & Sullivan brings together the world. 60 Years of consulting experience, 25 We strive to serve the booming Chinese market wholeheartedly, and with a global perspective, help our clients accelerate their business growth, achieving industry-leading benchmarks in terms of growth, innovation, and leadership. Frost & Sullivan specializes in global capital markets and corporate consulting services, providing comprehensive investment and financing as well as various other professional consulting services for enterprises, including due diligence services, valuation services, assessment services, strategic consulting, management consulting, planning consulting, technical advisory, financial advisory, and industry advisory. As early as 2003 In [year], Frost & Sullivan pioneered the provision of industry advisory services for Hong Kong and overseas listings, and was also the first to establish and standardize the business processes and service standards for industry advisors in the investment and financing sector, making outstanding contributions to the standardized development of the industry. 2022 In the same year, Frost & Sullivan continued to excel in the field of investment banking and advisory services.   Frost & Sullivan has assisted in a total of 53 Companies going public in Hong Kong, by number of projects, Frost & Sullivan accounts for 2022 Hong Kong stocks for the year IPO listing Proportion of market share 60% (Excluding spin-offs and reverse mergers), it is a leader in assisting companies with listing on the Hong Kong Stock Exchange.   2014 till 2022 In the year, Frost & Sullivan retained its leading position as the industry research advisor with the largest market share for Chinese companies listing in Hong Kong. It is worth mentioning that in the healthcare sector, Frost & Sullivan is an absolute leader in serving healthcare companies seeking to go public in Hong Kong.   2022 In FY 43 Home healthcare companies have successfully listed on the Hong Kong Exchange or submitted listing applications. In terms of the number of projects, Frost & Sullivan accounts for 2022 Hong Kong healthcare sector in 2024 IPO listing market share 78.2% ; By project amount, it accounts for 2022 Hong Kong healthcare sector in 2024 IPO listing market share 75.0% . In addition to the Hong Kong capital market, Frost & Sullivan operates overseas IPO listing The market has also performed impressively. 2022 In FY 20 Enterprises go public overseas, and the forms of listing include traditional IPO listing , SPAC and GDR The listing locations cover the NASDAQ Stock Exchange, New York Stock Exchange, Swiss Securities Exchange, London Stock Exchange, Singapore Stock Exchange, and Indonesian Stock Exchange. 2014 till 2022 In FY19, Frost & Sullivan retained its position as the leading global provider of outbound M&A advisory services. IPO listing The market industry research advisor holds the leading position with the largest market share, having served over 1,000 Home, occupies various industries going overseas IPO listing The market industry advisor holds an absolute leadership position. In addition, the Frost & Sullivan report is also widely cited by industry leaders. A Prospectus documents of listed companies, research reports on primary and secondary markets, and other capital market disclosure documents. 2023 In [year], Frost & Sullivan will seize the opportunities of the times, continuously improve service quality, ranging from selecting high-quality enterprises to empowering with professional knowledge, from corporate growth consulting to initial public offerings, from investment and financing matchmaking to market value management. Relying on more than sixty years of profound research accumulation in various industries and rich capital market service experience, we will continue to provide more professional, higher-standard, and competitive knowledge services to assist enterprise growth. In the future, Frost & Sullivan will continue to collaborate with investment banks, legal service providers, audit firms, and major exchanges to help more high-quality enterprises successfully access the capital market, jointly create social value, and promote the healthy development of the Chinese economy!